How to Invest $200 billion over 6 Years

At the ‘Iraq: Untapped Opportunities’ conference in London last week, the Deputy Prime Minister with responsibility for energy, Dr Hussain al-Shahristani (pictured), said Iraq needed $200 billion (240 trillion Iraqi dinars) of investment in the energy sector over the next six years.

This investment would be broken down as follows:

$100bn to develop upstream oil and gas fields;

$40bn to develop the gas industry;

$30bn to increase refinery capacity;

$30bn to expand export facilities.

With regard to refineries, Shahristani said the refineries law provided investors with a 5% discount to the market price for crude oil, and in some cases all output would be bought by the Ministry of Oil.